lisa: -- >> there is a growth conundrum, investors trying to figure out what is the most likely. >> it is all bad data is days. >> we need to see english coming down. >> it is longer in the range. >> it has been brutal and likely to remain brutal for a while. >> this is bloomberg

surveillance with lisa abramowicz. jonathan: this is bloomberg surveillance live on tv and radio alongside tom keene and lisa bremen edge -- lisa abramowicz, i'm jonathan ferro. on course for a sixth straight week of losses. tom: there is a bid but i'm going to call it fragile. i focus on the vicks, still above 30, 30.66, a bounce. jonathan: have we see the worst and the capitulation? we have heard so many people trying to answer that. tom: they got me going yesterday coming back from tottenham arsenal. i can't said enough, you can measure catharsis, we are nowhere near there. i measure it above 35 on vicks into the 41-40 two level, we are miles away. jonathan: you are desperate to get that match review. tom: completely inappropriate.

the musk and twitter news has pushed tottenham arsenal beside. i don't want to get into it now, but i think to see it was to believe it. jonathan: i'm happy we are on the same page, totally inappropriate. 15 or 16% in early trading. lisa: basically elon musk with one tweet wiping off billions of market value for this company that ended the day yesterday at 35, $6 billion in value. how much does he back away from this because of the concern about bots that seem to have been remedied because there were not as many as he expected on the platform? how much is this a rereading because he felt -- rerating because he felt like he was going to pay too much or a nobody that would price lower without his influence? jonathan: and is the financing lining up? perhaps concerned about bots is justified. there's a massive spread between the stocks, 38, and the

agreement, 5420 -- 54.20. tom: the drawdown on tesla is 41%, we are down in the 700 level which is where a lot of people calculate the margin call. maybe the margin call is below it but mr. musk has to be looking at core holdings. it is a foundation to his analysis forward. jonathan: and tesla up by more than 5% this morning. good morning. let's what do the price action. positive across the board on the s&p, the nasdaq up, 1.6. yields are higher by five basis, 2.8985. this takes getting used to. 103.88, -- 1.0388. positive by .1% today. lisa: those 2016 lows were just a hair away from getting back to 2003, 2002 and complete change

in the euro experiment in the modern world. 8:30 a.m. is the beginning of a slew of import export price information. how much to receive a decline from the highest levels in history the previous months because we are seeing oil prices go down? just saw gasoline prices, at least in the futures market, reaching all-time highs. it is a refinery problem, not necessarily the price of oil. we have seen refinement shortages unlike anything in recent history. at 10:00 a.m. got university of michigan sentiment. we see an improvement or worsening as inflation grinds higher and people worry the fed cannot get away with reducing inflation without spurring or exacerbating a recession? it is not clear whether they would spread but they might try to get ahead of it, but inflation has a pernicious effect on the economy.

we get a slew of speakers including the minneapolis fed president at 11:00 a.m.. we will focus on oil prices and ramifications for inflation longer-term and the cleveland fed president will also be speaking along with fellow central bankers around the world to get a sense of how to move away from such quiddity without spurring a crisis. jonathan: it is what they are not saying that matters this week. they are not bothered by prices on the screen going down. this is different to what we experienced in the last 10 years. lisa: they don't have another transmission mechanism. this is the truth. if they are lying -- relying on markets to transmit monetary policy, will have to have markets go down. the question is have a gone down enough to bring down inflation? that is the tension underpinning volatility that a lot of people expect to continue. jonathan: the question for investors is the question children's -- children on road trips have been asking for decades, are we there yet?

a chief executive strategist is here, have we seen the worst of it? >> i think this is a great question to ask this friday morning after we have had a massive pullback this week. i think what is happening, this morning we are assessing the damage been done and the value created. here are things that catch my attention. if you look at the multiple on the s&p 500 or the nasdaq 100, you are back to pre-covid levels, fall 2019. a 16.5 multiple on the s&p 500, lingering around 90 or -- 19 or 20 times, which is not for the market conditions we have. perhaps this multiple is more justified. we have also seen capitulation from the hedge fund community. his week in particular we saw the largest five-day d growth thing for some of the long short funds.

perhaps we have seen some of those flushed out already. finally we hit the oversold indicator of 30, or below, relative strength on the s&p 500. you put those things together and perhaps you can make the case for finally starting to trade around some sort of fair value justified for these market conditions. the last point i will make on this if i can, 60 point five times, $235 of next 12 month earnings is where we are today. 3900 on the s&p 500. hope we can stabilize at these levels but i would not count on us getting back to all-time highs. lisa: anastasia, what are you buying given the fact that you do see a washout? anastasia: there are a number of things on our radar. i have been talking about technology stocks and i will continue to talk about some of those semiconductor and software

companies. the key is to focus on quality earners, growing at 15% or more. they have seen valuations reset significant may. the question is do -- to give you better risk-adjusted potential -- i like selling on some of those stocks, monetizing rich volatility. there is -- that is a better way to position in our view just going out right some of those stocks. i will say take a look at the fixed income. if you look at the short duration treasuries, three year now gives you a yield of close to 4% adjusted basis for three duration, not a lot of risk to take on. i like that. of course there is a number of things we are doing in private markets.

private credit continues to be a top idea. that is very insulated from some of the dislocations and lack of liquidity things we have play out in some of the public markets. lisa: some people would say the reason why those areas have not sold off as they don't trade. we have not seen the price action or discovery in the way we have in other names. we have been focusing on big tech. safe havens have seen the most pain. how concerning is that to you? is this people selling what they can, not necessarily what they want, and if things do get worse they will go to these other areas? anastasia: where the economy continues to slow down and dip into a recession, of course the private markets are not going to be immune. of you take private credit and -- it will attract leverage lows. you will see some reset of valuations. same story for private equity and venture capital. we've seen valuations more

resilient but i expect the longer this goes on in the public markets, the more it spills into the private markets as well. if you look at private credit, for example, and compare how that has traded throughout 2008 and 2018, the drawdowns were not as severe as they were high-heeled and leveraged loans. the reason for that is you are not a forced seller into liquid markets with -- when dealer inventories have been lower and dealers are not ready to take on the risk. i do think private markets are not immune, but they are not going to be exposed to the same technically driven dislocation. jonathan: important, thank you for joining us from i capital. -- icapital. nato likes an open-door policy but it does not mean that is easy. turkey does not favor sweden or

finland entering nato and getting membership. tom: these are complexities, to say the least. sprawling from the bosporus at the bottom of the black sea way up north, it is a continuum of the border with russia. nobody has a border with russia led finland. finland is absolutely -- there is a deep history here as well. but it speaks to the complexities mr. at a one -- he faces. jonathan: we have talked about turkey's role in the tension between ukraine and russia and whether turkey could broker peace. not necessarily the direct role. and their role in nato and with this could mean for additional membership going forward. what has been the problem for me, they talk about crane coming and number of nato. difficult to walk through that open door and get over the threshold. tom: it is, and we all read our books on this and want to be

romantic and look back centuries. but now in the forward, the answer is russia will respond to finland nato. just how? jonathan: futures on the s&p up by 4%, nasdaq up by 1.7. yields higher by desk to 90 over the year. looking up to catch up with a man from another group. from new york, this is bloomberg. ♪ >> keeping you up-to-date with news around the world, i'm laura wright. elon musk proposed to take over twitter but now it is on hold. he announced the delay in a tweet, it has to do with details supporting the calculation of spam and fake accounts make up less than 5% of twitters users. the senate is postponing a final passage of an aid package after

rand paul refused to allow the vote. he is demanding lawmakers added a provision to the point, and official oversight powers. they will vote next week. jerome powell has reaffirmed his plan for raising interest rates to fight inflation. in interview with the marketplace radio program, they are likely to raise rates by half a percentage of each of the next two meetings. they are considering a 75 basis point move. chinese officials accept a timeline for ending one of the longest and most punishing lockdowns for the pandemic. shanghai will stand out community right for coronavirus and start opening the city may 20. it has been in place almost six weeks. shares of robin hood are soaring in premarket trading. cryptocurrency billionaire sam has taken a 7.6% stake in the troubled online brokerage. robinhood shares have plunged

77% since the ipo last summer. fed is concerned retail trading phenomena is losing steam. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

>> i think valuations have come in quite a lot and i think that

will help people look for opportunities where they can be repositioned for a longer-term appreciation, but it may still be rocky. but some of those valuations have gotten attractive. jonathan: joanne feeney from advisors capital management, good morning, futures positive on the s&p, up by 1%. nasdaq positive by .7% on the bond market. yields have not been lower, they have been every day this week. two point 89 -- 2.89. when tweet takes twitter down by 3.9%. the agreed price with elon musk was 5420, desk 54 point 20, the twitter deal is on hold, saying -- citing the detail that spam accounts are less than 5% of users. tom: when i first jumped on

twitter years ago, there were huge amounts of spam from of all places, australia. that went away and there are waves of it here and there. although it is there, what is the amount? we'll find out. senior technology analyst at bloomberg intelligence knows more. do you have any idea how large the spam is at twitter or instagram? >> mocha, you think 5% of the users are spam and it does not surprise me. in the case of twitter, we know they have had a problem of fake accounts, not so much with meta or snapchat. i think it is a twitter specific problem and i think the company should revalue based on a per user basis. if the user base goes down, i can see him negotiating on that to bring the price lower. taylor: i would assume -- tom: i would assume it has to do

with the margin call. how much of this is linked to the price of tesla on a drawdown of 41%? mandeep: clearly margin call linked to tesla stock was risky to begin with and he tried to bring it down with more private investors. in this case i think he will build able to negotiate the deal lower by another 62.8 billion dollars. that takes away the margin loan completely and that is how i think he is approaching this. lisa: are we at this value? can we look at markets and say that is appropriate price target? mandeep: yes, the market says snapchat is a higher growing value than twitter. so why is elon playing 44 billion dollars and snapchat is around 37? explains the delta. look. this is a market where valuation or internet companies are five

to six times, and there is a premium multiple attached to the twitter deal. there is hopes to find the multiple lower. lisa: what is the president of someone coming out, offering to buy a company for a certain price and the backing a publicly dizzy with the market does and using that to renegotiate a lower price? mandeep: if you look, he did wave out the diligence because but there is a breakout clause of $1 billion. there is a precedent, it is unique in a lot of ways. the billionaire founder going for such a big deal. and look, i do think it is unique in the sense that this is a function of where the markets currently are. they were not here six-month back but right now valuations are way lower and there is no reason for him to play -- to pay seven times more when anything else is five to six times more. tom: when you hear the list of

people lining up to assist mr. musk, how does a grizzled pro like you react to the quality of those names? mandeep: i think it is great for him to have private equity as well as guys like ellison and anderson horowitz. -- and recent horowitz. he can't do it by himself and i think anybody who joins elon is aware of the fact that he has his own views on everything and he may not listen to everything they have to say. there is that balance. lisa: what about a regulatory standpoint? a lot of people had baked in a high degree of uncertainty even before the on twitter controversy of elon musk. how much are we looking at regulators that are not going to sign off on this, not only the u.s. but in europe which has pushed back more? mandeep: the antitrust risk is

low in the sense that tesla and twitter are different companies. it is not as if he is acquiring any market shares. i do think other than the fact that he did not disclose early enough, there is not much regulatory risk. jonathan: wonderful tick -- default catch up with you, thank you. dan ives tweeted, the applications of this will send twitter into a horror show as the street will be this deal as likely falling apart, musk negotiating a lower price or musk simply walking away with a $1 billion breakup fee. tom: the breakup fee is chump change. people are going to make a big deal about it but in the scope of things, it is nothing. i think he'd like a lot of other people have been overcome to buy events. if you are in the cash fund, you

are not overcome by events. mr. musk is not in that fund. taylor: -- jonathan: you can make an offer. lisa: chump change. jonathan: chump change. i know we're talking about. tom: you know, it's like them walking away from the todd's. jonathan: do you remember what goldman's price target was on twitter before? it was 30. and the price target was 30. in the free market, we are in the 30's. about 38 .70. tom: folks off-camera, twitter pros are heated he is overpaying. jonathan: lisa, there were a group of analysts that believed this stock was heading south. they had a sale at a price target in the 30's. lisa: they thought perhaps elon musk could bring his brilliance to the company and they could

bring it forward and he could actually get it done. but there has always been a huge margin of skepticism in the market and it has gotten super wide at this point. does he even intend on buying it or was there other motivation? these are some of the questions as he looks to get financing and seems to be approaching this with a less calculated view. jonathan: a dangerous business to work out what people are thinking. what if he is right? what if he is right in the number of boxes really high? -- bots is high? once it leaves the company with no deal and a lot of the user base is just bots? lisa: that is probably what some people think. jonathan: journalists are speaking about where markets are. futures on the s&p up 1%. lisa: you are trolling us. trolling ourselves. ♪

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jonathan: the start of the morning comes from bloomberg intelligence. 35% of the s&p 500 is down 20% plus since the market peak. the number was 50% plus on the s&p 500 when the market made a big move in 2011. 15 to 18.

the market is holding up pretty well, considering. it has not felt that way for you, considering. the futures are up for a sixth straight week of losses. the longest losing streak going back to 20 11. the nasdaq is positive with one point 66%. the story of the bond market -- less talk about it. the 10 year yield is lower. one day, tuesday, wednesday, thursday. we topped 320 on monday, and we are lower since then. the yield is just a little higher with five or six basis points, but that has been the story. this market has been transformed. we've moved away from the inflation shock, and we are starting to get our hands around the growth stock. >> that is the last three and four days, but they are intertwined. i am going to go back to that you have heard it too many times. we are wicked data-dependent. jonathan: the fed speakers -- we are listening for something they are not saying. they are not worried about this right now.

they are not worried about losing the equity market. and they are not telling us they are. in the words of bank of america, we will start panicking when policymakers start to panic. and then we will stop. that is really interesting. market stop panicking when policymakers start to panic. the problem is that there panicking about inflation. we are not going to address that anytime soon. lisa: this is what the fed wants to see. a readjustment in financial markets. as megan greene said, until we see the panic and credit markets not being able to raise money, we will not see the fed come into play, and that is a long ways off. jonathan: we are starting to see more of that. lisa: we are starting to see a lot of money. the biggest outflow ever for corporate debt over the past week in the united states. how much is the beginning and how much is this a nod to what is going on in equity markets, considering that these companies have fortress balance sheets? jonathan: we will catch up with

mike shoemaker of wells fargo in a minute. we have done stocks and bonds print let's finish off with foreign exchange. euro-dollar and cable. it is the lowest of late 2016, and we are at 319. the lowest going all the way back to 2003. the euro-dollar is a positive by about .1%. a massive ecb meeting is less than a month away. that's the price action bid let's go to the moves with kriti gupta. >> we are talking about twitter shares. there thinking, and this comes after elon musk tweeted out that the deal is on pause as they look at calculating how many baked or scam accounts are on there. they cited a reuters report that it is only 5%. they are doing the math, but putting the deal on pause means shares will decline. the deal premium between shares of the elon musk offer price has continued to widen, so it's

interesting to see that even if this deal resumes, does it get even closer or even farther away from the 54.20 offer? immediately, the first thing is that tesla shares rally. you can see that affect, and also, tesla is the heavy weight in the s&p 500. every time the twitter shares dropped, it is poised to gain because of tesla waiting. that is the macro take as to why you should care about this. let's talk about robinhood here. it is soaring up a 21% this morning. this is after sam bateman instituted a 7.6% stake in robinhood. he is the 30-year-old crypto billionaire. the founder of f tf. he is training most of their trading volume with cryptocurrency. that was a negative when cryptocurrencies were dropping. now it is a positive, given the new 7.6% stake. we are going to keep an eye on these shares. robinhood is very much in the eye of the stock market this morning. we should talk about big tech

because we are seeing a rebound this morning. apple shares are up 1.6%. i want to use this is a proxy for tech, broadly. not because of the waiting, with microsoft, but with the chip supply chain going all the way back to china. overnight, you heard reports from bloomberg that samsung is looking to hike up prices for 20%. they are looking to pass on the cost to consumers, and they can do that because of how strong the demand is. that is something apple is going to have to consider as well if apple is able to pass it onto his consumers. that story is boosting not just apple but nvidia and advanced micro devices. tom: thank you. we greatly appreciate it. right now, gentlemen from cornell, and he studied economics. michael schumacher joins us out of macro strategy at wells fargo. when you have the courage to write the notes that he writes, you not only have to put a rates on it, but you put a date on it.

i schumacher is one of the very few saying here is the terminal rate. 3.05% is what he said in the middle of next year, and you go on to a higher statistic rent --. what is the likelihood of that happening given the worries about growth slowdown? mike: we think the market is tightening, but the reason is policymakers are talking tough. i know. the market is fading over the last 15 years, that o it it is d in at 50 for the next couple of meetings, so we think there is a good chance that the terminal rate its 375 over the next couple of months. that would feel bad for risk assets but that is the idea for tightening conditions. lisa: how bad will it feel for equities for what you've priced inverses versus credit, which has inarguably not prices in yet? mike: i talked chris harvey off the ledge, but there will be a

downturn of 10%. lisa: hold on. you think there is another 10 plus percent downside within credit? mike: note, in equities. jonathan: can you tell us how chris responded to that since i think he is a 47.15 price target? mike: it is friday the 13th and a lot of strange things happen, but there is a benefit. tom: harvey is standing on the ledge of the bar on 56th street, and it is only a two foot drop. jonathan: i guarantee there is an email waiting in my inbox in a few minutes time. you had a big call on the front end on the start of the year. it was out of consensus. i looked at it and it was at 1.50. i thought that was punchy. we have lasted through that. have we done everything we need to do on the front end of the curve? is that dusted? finished? mike: i don't think so.

you think about pricing over the next couple of meetings -- fine. 50. but at the end of the year, it is balancing around -- bouncing around 200 rid that is where it is going to land. our big issue is how little tightening is priced for next year. 30, 40 basis points. that is a joke. the biggest worry in reality in the last 40 years is how the fed or other central banks that are really looking to get under control in 12 months time -- that is incredibly implausible. we expect a lot more tightening to be priced. that pushes up a two-year to three years. a lot more work to be done. tom: speaking of work to be done, you are out front on the weekend. frankly, notes into june. the party is over on a good supply chain analysis, and inflation is greater embedded into our system. does wells fargo model a path to 4% or imposing 3%, or can you

actually model back to a 2% level? mike: 2% seems aspirational, to put it kindly. you've got to say, where are the central bankers likely to declare victory? if they got inflation down to 3%, let's say, in 18 months, with epi good? is that too high? 2.5%? 2% in many years, but not in the next year. jonathan: this is a forecast dependent fed. ultimately, they get down to four, and they forecast to, and they are done. mike: i think the fed has a discussion in six months, and inflation is down, almost certainly. a fair bit. this is what people discuss. how does the fed read that? is the level still bad?

we don't know the answer to that. if we look at the actual data coming in, they pay a lot less heat to the model and they have in the past, but that multiplies the chance of in overshoot with too much tightening. jonathan: mike schumacher. thank you, buddy. good luck with chris we get back to the office. whether you trying to work out with the bond guys when they start talking to equities, that is where we start to get calm. the fixed income strategist comes on says there is a downside here. lisa: did chris email you and push a little bit there? honestly, i think that is interesting, and i wonder whether that project has been turned on its head in this particular cycle just because we have not seen the scope of pain within corporate debt and stocks, and there has been so much baked into specific names. that said, he is not alone in thinking that there is more downside. jonathan: some people suggest

that the bond guys are always looking for downside in equities. tom: your insight on bond people talking about equities is important, but far more important are two things. equity people talking about bonds, and critically, i've said this for years, in speeches. the dialogue changes from a yield analysis to a price analysis in crisis. that is one of the measurements of catharsis, and we are not there you. jonathan: when do we get to hear a tom keene speech? i like that. you slip that in. tom: no, i have set this for years. there is a moment in panic where bond people switched from yield analysis, which is comfortable, to the direct analysis of price. you see that on the bloomberg total return index.

it is the worst -- what? ever? is that the right word? >> but we trade some, and that goes to the point of, frankly, steve englander, and not mike schumacher. what does that due to the dollar? what does that do to the euro? jonathan: bond guys are always negative. this is the best they can ever get is part. that is true. thank you, barry, for tuning in. lisa: there are other reasons why we are negative. jonathan: a host of them. futures are up by 1.2 on the s&p. this is bloomberg. >> keeping you up-to-date with news around the world with first word. i am laura wright. shares of twitter are in tailspin. elon musk tweeted that his takeover is on hold until he gets more information about the proportion of fake accounts. in a recent finding, twitter found that fake accounts make up less than 5% of its users.

some european union nations say that there may be time to consider a push back russian oil. the problem is that they cannot persuade hungry back the embargo, but they hope to perceive the rest on a proposed sanction package. the u.k. chancellor has said that the brexit settlement in northern ironman -- ireland is causing political harm. bloomberg television asked whether the u.k. will take action on its own. >> no decision has been taken. our pressurant best preferences always been to take a print we are going to engage with our counterparts in europe about how we can find resolution to some of the very real challenges of the protocol that is causing. >> you can get more on that story from our bloomberg u.k. website, the premier destination for financial news in britain. visit bloomberg.com/u.k.. global news, 24 hours a day on air, powered by more than 24 --

2700 journalists and more than 120 countries. this is bloomberg.

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>> we are in the final stage of what is going to be a significant error market. it is taking place in terms of the equity market with recognition of the federal reserve not going to be able to execute the greenspan anytime soon. jonathan: that was an economist talking about equities. bond market strategist have done that as well. there we go. we had a lot of from many of you this morning. one guy said not negative. they are realistic. lisa loves that. they are not negative. they are realistic. futures are up by 1.2 on the nasdaq.

tom: it is serious. it signals the greatest inflation, the great vulgar movement, the great moderation, and most of the people breathing today have never enjoyed a bond air market. i cannot say enough how important it is that you look at 3, 4, 5% -- months of statements, and it has been a long time since we've seen that. jonathan: what they've also enjoyed is that when the going gets tough, the federal reserve offers a bit of support. this is the most interesting fed interview from president daley. to hear him say this to bloomberg. i expect financial conditions to tighten even morbid i would like to see continued tightening. that would be consistent with supply and demand being brought back into balance. that is not something you have heard once in the last 10 years when the market is down close to 20%. that is not what we are used to. that is a big change. tom: this is original territory.

futures are up 45 right now. this is a great pleasure. martin crockett is a gentleman of certain courage. he joins us right now, and as we look at your drawdown, let's pick amazon, down 42% from the peak. crockett, a lonely, was out front. he has been a consistent neutral, as a general statement, on the fangs for quarters and quarters and quarters. i want to drill down to one emotion. does jeff bezos come back to amazon? is amazon online retail so screwed up that iger at disney, bezos must return? barton: bezos isn't coming back. he is enjoying life. i think that the focus at amazon is going to be on amazon web services. amazon retail, there direct third-party retail, is a

business that is doing what every business should do that has gotten so large that it is hitting a maturity plateau. if you look at the numbers for amazon retail, for a few quarters, they are not growing fast enough for retail overall. 70% of sales for amazon. you could argue that is not a driver of value, the web services. a big revenue line, i think, is resetting. the growth story of amazon is different now because of the pandemic. we've had to pull forward. we've had the competitive set improve. we've weeded out the weakest players, and amazon doesn't have a strong play in click and brick. that is a meaningful part of what consumers are looking for. tom: with the pullback we are enjoying, would you suggest that the anointed profitable of

technology are going to have a come to jesus moment, and they are going to change their business model more towards profitability and use of free cash from -- flow? barton: we're already seeing changes. we are seeing amazon work through excess supply. remember, the argument for amazon was that in the pandemic, they built up a supply that was powering business because they had a capacity to meet the demand, and in said -- instead, they overbilled, so they have to write that. we are seeing that and other businesses. i tighter focus on what life is, when you start to face more maturity, which is what all of these companies are coming into right now. lisa: talk about rightsizing, because we are see that with prices right now. we saw elon musk come out is a he was going to put it on hold, but he came out in the last few

moments, saying he was still committed to the acquisition. you are seeing a bit of a pop. near $40 on a share. but a deep skepticism that this will get done at the price yield he was talking about. how much of a re-rating needs to happen further, based not just on twitter's model, but also on the broader reevaluation of how much these big companies are worth? barton: in the case of twitter, this is elon musk, at the end of the day, putting his -- himself so deep in the water that i don't see it turning back. if he did turn back twitter, there would be some sentiment reset, but on a fundamental basis, i don't think you actually pay much of a premium. i think that twitter was not as mispriced as perhaps some other equities have been. i think that what we are confronting right now is

separation from some companies. some companies are confronting the reality of an addressable market that is not what we thought. we are see that with netflix, we are seeing that with amazon retail. other companies are going through situations that are long-lived. in china, the never ending covid lockdown does that for the market and supply instructions print i put them in that camp. in businesses where the blue skies story is not what it was, or is being challenged, i think right now, it is a time of reset and re-sync -- we. companies will power through this, and i put alphabet in that camp. the search business is something that will be here generationally . youtube can handle this transformation. cloud services -- that is a company that separates. it is in the same company as the one i am recommending. there are issues that --.

jonathan: one issue on twitter, and let's start with this. he is pricing an idea that there might be more for the user base that they can spend on fake accounts and the rest. you have any calculation of that whatsoever? barton: there is no one on the outside who can go beyond twitter disclosures, nor can elon musk. i think he knows this is talk. i think this is him doing what he does which is stirring up the pot, but the caveat is i am not elon musk. i don't know precisely what he would do. that would be desk. jonathan: no one knows what he is thinking. that's the bottom line. a lot of people are getting paid a lot of money to figure that out right now. we were whipsawed by two tweets.

twitter deal temporarily on hold following details on fake accounts represent in less than 5% of users. the stock is down lower by 25%. then the next week. still committed to the acquisition. brief pop. we are -11% on the stock. lisa: trying to work through what is going through his mind is a tough one. going back to what barton was talking about, this was a stock that reprice dramatically, in a way that other big tech shares had not. they had not necessarily been baked in the same optimism. how much is this? you on muska trying to get a better deal. -- elon musk's try to get a better deal. jonathan: this market has been absolutely bruised and battered. the s&p is up 1.3 percent. this is bloomberg.

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>> i think we are in the final